The emphasis every anti-money laundering (AML) vendor seems to place on artificial intelligence (AI) has increased the risk of “AI-washing,” where companies exaggerate or misrepresent their technical capabilities – something that is attracting growing scrutiny from regulators. A central concern […]
Despite being the second-smallest country in Europe, Monaco is considered a major international banking center. It is not a member of the European Union but uses the euro through a monetary union with France that was established in April 1945. […]
In Luxembourg, three main national regulatory authorities are responsible for supervising financial products and services: the Luxembourg Ministère des Finances, the Banque centrale du Luxembourg (BCL), and the Commission de Surveillance du Secteur Financier (CSSF). This article focuses on the […]
Following a review of its AML/CFT framework, the European Union is preparing to introduce a suite of new regulations that will have significant implications for firms operating in, or doing business with, EU countries.
Each year brings a host of consequential new anti-money laundering (AML) regulations, and 2024 is no exception. Various regulators plan a raft of reforms with significant consequences. We’ve selected five key changes for this article – due to the global […]
The fifth Financial Action Task Force (FATF) plenary under the two-year Singapore Presidency of T. Raja Kumar took place at the FATF headquarters in Paris on February 21-23, 2024. We’ve summarized the key developments: Changes to the grey list. Increasing […]
The Office of Foreign Assets Control (OFAC) is pivotal in safeguarding US national security and foreign policy objectives by enforcing economic and trade sanctions against targeted individuals, entities, and jurisdictions. One of the key tools in OFAC’s arsenal is the […]
From managing PEPs to regulating AI, the State of Financial Crime 2024 is packed with insights from our annual survey of 600 senior financial crime decision makers.
Following October’s plenary, the Financial Action Task Force (FATF) issued new guidance relating to cyber-enabled fraud (CEF). In the report, the global watchdog analyzed how the cyber fraud landscape has evolved, its links to other crimes, and how criminal syndicates […]
Judicial authorities in the European Union (EU) are increasing their joint efforts to combat terrorism by sharing a wider range of information on terrorism cases with Eurojust. Following an amendment to the Eurojust Regulation on October 31, 2023, EU Member […]
On November 2, 2023, the Financial Crimes Enforcement Network (FinCEN) organized a public-private dialogue focusing on the use of convertible virtual currency (CVC) to finance terrorist activity. Officially called a FinCEN Exchange, the event consisted of presentations by FinCEN and […]
During a recent interview with CNA (formerly Channel NewsAsia), managing director of the Monetary Authority of Singapore (MAS) Ravi Menon expressed a strong interest in exploring the full potential of artificial intelligence (AI) in the fight against money laundering. At […]
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